![]() ![]() The cost approach is based on what it would it cost to replace the building (improvement) with one of equal utility. This approach seeks to determine what an investor would pay now for a property based on its anticipated future revenue stream. The income approach uses income and expense data to determine the present worth of future benefits. It compares the property being appraised to similar properties that have recently sold and then adjusts the comparable properties for differences between them and the property being appraised. The sales comparison (market) approach is based on sales prices of similar properties. Three common approaches that the appraisal district may use in appraising property are the sales comparison (market) approach, the income approach and the cost approach. Using data from recent property sales, the appraisal district appraises the value of typical properties in each class. In a mass appraisal, the appraisal district then classifies properties using a variety of factors, such as size, use, construction type, age and location. The list contains a description and the name and address of the owner for each property. Individual characteristics that affect the property's market value must be evaluated in determining the property's market value.īefore appraisals begin, the appraisal district compiles a list of taxable property. ![]() Texas land mmass code#Tax Code Section 23.01 requires that appraisal districts comply with the Uniform Standards of Professional Appraisal Practice if mass appraisal is used and that the same appraisal methods and techniques be used in appraising the same or similar kinds of property. Tax Code Section 25.18 requires appraisal districts to reappraise all property in its jurisdiction at least once every three years. Each appraisal district determines the value of all taxable property within the county boundaries. ![]()
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